The Virtual Value Portfolio booked another gain today. We sold our 39 APD shares @ $106.92 this morning. Air Products (APD) set a new all-time high yesterday @ $108.66 after announcing that a ‘poison pill’ anti-takeover provision had been put into place.
I don’t like companies curtailing their ability to attract buyouts. The stock did not follow through with further upside today. Furthermore, APD shares are no longer undervalued.
APD was one of our original positions when we created the Virtual Value Portfolio on Oct. 26, 2012. We owned 39 shares purchased at $77.57. Our gain was 37.8% plus dividends achieved in nine months. We'll shift the sales proceeds of $4,169.88 into our cash reserves.
See details on our performance including all open and closed-out transactions are here.